everyone should get a short blog and just say anything
and the SEC lets it go on
anyone else see this as FRAUD
wants to go public,
Authorities Have Struggled to Regulate High-Speed Trading
High-frequency trading, a business that has been shrouded in secrecy because its biggest firms were private, is coming out of the dark.
Virtu Financial Inc., the New York-based automated market maker that tried and failed to buy Knight Capital Group Inc. in 2012, filed for an initial public offering yesterday, disclosing that it had earned money every day but one in the last five years. The company is throwing open its books about a year after Getco LLC, another computerized trader, detailed its financial results for the first time while merging with Knight to form KCG (KCG) Holdings Inc.
Thanks to two decades of regulatory reform and technology advances, firms such as Virtu and Getco supplanted human traders as the main providers of prices on stock and commodity exchanges around the world. Business has been good enough that Vincent Viola and Douglas Cifu, Virtu’s founder and chief executive officer, were able to buy the Florida Panthers professional hockey team last year.
After Big Bet, Hedge Fund Pulls the Levers of Power
By MICHAEL S. SCHMIDT, ERIC LIPTON and ALEXANDRA STEVENSON
The activist hedge fund manager William A. Ackman bet a billion dollars on the collapse of the nutritional supplement company Herbalife, then launched an extraordinary campaign to hasten that development.
75-100M been here since 50 cents and its run to $5 , watched all the fraud for years and I think/I know Iam a expert on naked short selling,,
one of the gang is running
good luck covering
then you think, enjoy the pig roasting
cant wait for the ride
have to love it
Pharmaceutical Scouts Seek New Star Drugs for Cancer, Diabetes
Like Baseball Scouts, Scientists Search for Medicines in Development for Alzheimer's, Diabetes, Hepatitis C and Other Diseases
Peter Lebowitz, Johnson & Johnson's cancer research-and-development chief, hunts for promising new medicines in outside labs. Jeff Lautenberger for The Wall Street Journal
Three weeks after joining Johnson & Johnson, JNJ -0.10% Peter Lebowitz got his first big mission as a research director: Fly to California and size up a promising experimental cancer drug.
There, he scrutinized the prospect for three days. On his flight back to the East Coast, he emailed his boss: J&J should do whatever it took to put the pill in its lineup before a rival could, he wrote; "We have to get this one."
Like baseball scouts trying to pick tomorrow's big-leaguers from farm teams, Dr. Lebowitz and drug-company scientists such as him are playing an increasingly vital role as hunters of new medicines from outside their labs to refresh aging product rosters.
Their scouting rivalry can be as fierce as those behind the backstop. After Dr. Lebowitz's 2011 visit, he and J&J executives made multiple trips to the California drug's maker to curry personal ties that might sway a deal. By year's end, J&J had outmaneuvered rivals like Novartis AG NOVN.VX -0.21% to buy rights to the drug.
The cancer drug is among outside acquisitions that have helped J&J revive its portfolio. Regulators approved its version of the drug, brand-named Imbruvica, for a rare lymphoma in November 2013 and for a leukemia variety this February. The drug could be a blockbuster: J.P. Morgan estimates it will generate $1.3 billion in J&J revenue in 2017.
How J&J and Dr. Lebowitz homed in on the California prospect and recruited its maker, Pharmacyclics Inc., PCYC +1.08% reflec
will do anything to try and keep it down,, they flooded the market with fake shares WAY to many and thats why they fight all day long,,
I guess you add a company like WMT to the mix and all THE old Naked short shares come back to life
SEC Announces Largest Monetary Sanction for Rule 105 Short Selling Violations
FOR IMMEDIATE RELEASE
Washington D.C., March 5, 2014 —
The Securities and Exchange Commission today announced the largest-ever monetary sanction for Rule 105 short selling violations as a Long Island-based proprietary trading firm and its owner agreed to pay $7.2 million to settle charges.
Rule 105 prohibits short selling of an equity security during a restricted period – generally five business days before a public offering – and the subsequent purchase of that same security through the offering. The rule applies regardless of the trader’s intent, and promotes offering prices that are set by natural forces of supply and demand rather than manipulative activity. The rule therefore prevents short selling from interfering with offering prices.
According to the SEC’s order instituting settled administrative proceedings, Jeffrey W. Lynn created Worldwide Capital for the purpose of investing and trading his own money. Lynn’s principal investment strategy focused primarily on new shares of public issuers coming to market through secondary and follow-on public offerings. Through traders he engaged to trade on his behalf, Lynn sought allocations of additional shares soon to be publicly offered, usually at a discount to the market price of the company’s already publicly trading shares. He and his traders would then sell those shares short in advance of the offerings. Lynn and Worldwide Capital improperly profited from the difference between the price paid to acquire the offered shares and the market price on the date of the offering.
“Rule 105 is an important safeguard designed to protect the market against manipulative trading, and we will continue to aggressively pursue violators,” said Andrew M. Calamari, director of the SEC’s New York Regional Office.
According to the SEC’s order Lynn participated in 60 public stock offerings covered by Rule 105 after selling short those same securities during the pre-offering restricted period. The violations occurred from October 2007 to February 2012. Worldwide Capital traders purchased the offering shares through numerous accounts at multiple broker-dealers involved in the offering, and sold the stock through an account in Worldwide Capital’s name at other broker-dealers. All of the trades – the purchases of offering shares and short sales – cleared and settled in a Worldwide Capital master account at the firm’s prime broker.
“The trading conducted by Lynn and Worldwide Capital disregarded the markets’ independent pricing mechanisms,” said Amelia A. Cottrell, associate director of the SEC’s New York Regional Office. “Their use of multiple accounts in obtaining offering shares and short selling did not satisfy the separate accounts exception to Rule 105.”
To settle the SEC’s charges, Worldwide Capital and Lynn agreed to jointly pay disgorgement of $4,212,797, prejudgment interest of $526,358, and a penalty of $2,514,571. Lynn and his firm agreed to cease and desist from violating Rule 105 without admitting or denying the findings in the SEC’s order.
The SEC’s investigation, which is continuing, has been conducted by Leslie Kazon, Joseph P. Ceglio, Karen M. Lee, Richard G. Primoff, Elzbieta Wraga, and Elizabeth Baier of the New York Regional Office. The SEC appreciates the assistance of the Financial Industry Regulatory Authority and the New York Stock Exchange.